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Turkey
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Centerra Gold, BUY Scott Perry, president and chief executive officer reports: "Financially, the company generated a meaningful $334.1-million of cash from operations for the year, Mount Milligan generated $62.2-million and Kumtor generated $376.2-million. In 2019, Kumtor generated $240-million of free cash flow and Mount Milligan generated $27-million which enabled the company to aggressively pay down its debt over the year by approximately $111-million ending the year with debt net of cash of $34.8-million (excluding restricted cash)... "Based on the company's financial position, recent strong operating results and cash flows, the board approved on March 25, 2020, a dividend of four Canadian cents per share. To date, the company has experienced no operating or production disruptions nor any supply chain interruptions or impact. However, the company has decided to undertake a significant reduction of manpower and operations at the Turkey Oksut project on March 31, 2020, for an initial period of two weeks. This decision was taken in response to recent Turkish government initiatives aimed to reducing the spread of COVID-19. The reduction will result in a suspension of open-pit mining activities, though limited crews will remain on site to place ore on the heap leach pad, to operate the ADR plant and to perform essential site services. Approximately 150,000 tonnes of crushed material is available at site for stacking (such volume represents approximately 15 days worth of stacking activity). Oksut has prepared detailed plans in case a further reduction or cessation of operations becomes necessary or desirable. |
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